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  • White Metal Resources (WHM) has announced plans to complete a non-brokered private placement for gross proceeds of up to $600,000
  • The proceeds will come from a combination of issued flow-through and non-flow-through shares
  • Proceeds from the transaction will be used to advance White Metal’s exploration projects in Canada and southern Africa
  • White Metal Resources is a junior exploration company
  • Shares in White Metal Resources Corp. (WHM) are down 10.53 per cent, trading at $0.085 per share

White Metal Resources (WHM) has announced plans to complete a non-brokered private placement for gross proceeds of up to $600,000.

The company will issue up to 5,000,000 flow-through shares at $0.10 per share, earning up to $500,000.

The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act.

In addition, the company will issue up to 1,111,111 non-flow-through units at $0.09 per unit for up to $100,000.

Each non-flow-through unit will be made up of one common share and half of a common share purchase warrant, exercisable for an additional common share of White Metal at $0.18 per share for 24 months after the issuing date.

The company may also pay finders’ fees in cash or shares, or a combination of both, in connection with the private placement.

Proceeds from the transaction will be used to advance White Metal’s exploration projects in Canada and southern Africa.

The company’s two key properties are the Tower Mountain Gold Project in Thunder Bay, Ontario and the Okohongo Copper-Silver Project in Namibia.

The transaction is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day.

White Metal Resources is a junior exploration company exploring in Canada and Africa.

Shares in White Metal Resources Corp. (WHM) are down 10.53 per cent, trading at $0.085 per share as of 1:30 pm ET.

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